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Show 301 Vice-chairman Holbrook reported that $100, 000 in restricted funds now invested in U. S. Treasury bills, will mature on July 3 and that there is available another $100, 000 for investment. The Finance Committee recom- mends that the presently invested funds be re-invested and that the additional $100, 000 available for investment be used to purchase 90-day U.S. Treasury Bills. INVESTMENT OF FUNDS Regent Culp moved approval of the Finance Committee's recommendations which were seconded by Regent McShane and carried. The President reported on the present status of the Loan Agreement on the Men‘s Dormitory, stat- ing that at the March 10 meeting this Board approved the Loan Agreement subjectvto the approval of the Finance Committee of the Board. At Chairman O'Connor's suggestion, subsequent thereto, the President reported he had called the individual members of the Finance Committee for approval of the agree- REPORT ON PRESENT STATUS OF LOAN ment, following which he made a trip East. During AGREEMENT his absence, instructions were received advising of a change in interest rates from 2.75% to 3. 01%, effective May 1, 1952. Dean Leary had the agreement MEN"S DORMITORY but advised against returning it until the University had cleared the question of its ability to obligate the land grant funds. When the President returned, the application bearing the date of February 1, 1952 was immediately forwarded to the U. S. Housing and Home Finance Agency. He reported that shortly thereafter, he re- ceived the following letter: May 23 1952 HOUSING AND HOME FINANCE AGENCY OFFICE OF THE ADMINISTRATOR ROOM 900 Federal Office Building Kansas City 6, Missouri Project No. Utah 42-CH-1 2 Men's Dormitories & Adjacent Dining Hall sity of Utah Univer Salt Lake City, Utah Dr° A. Ray Olpin President. University of Utah Salt Lake City, Utah Dear Dr. Olpin: |
